MAX Financial Serv Ltd

NSE: MFSL · Life Insurance · sector

₹1,240.10NSE close 2026-10-26

Key numbers

Market cap₹42,796 cr

Price₹1,240.10

52w high / low₹1,892 / ₹1,240

P/E4,769.6xSector median 4,769.6x

P/B6.3xSector median 6.3x

Book value₹195.6

Dividend yield–

ROE0.1%Sector median 0.1%

ROA0.14%Sector median 0.14%

Gross NPA–

Net NPA–

CET1–

Sales growth 3y-23.6%Sector median -23.6%

Profit growth 3y-24.8%Sector median -24.8%

PEG–

Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 7 companies in Life Insurance (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

43.71% of the promoters' shares are pledged (0.6% of all shares).
Net loss in 5 of the last 8 quarters.
Total income was higher than a year earlier in 3 of the last 4 quarters.
No dividend in the last 5 financial years.
Price ₹1,240.10 on 2026-10-26: -34.5% from the 52-week high, 0.0% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹1,849.30 · low ₹986.50

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Total income	4	5	4	3	3	8	17	3
Net interest income	4	5	4	3	3	8	17	3
Other income	0	0	0	0	0	0	0	3
Net profit	-2	-2	-3	-3	-3	2	10	1
EPS (₹)	-0.07	-0.04	-0.08	-0.07	-0.10	0.05	0.29	0.02
Revenue YoY					-22.2%	+62.4%	+354.5%	+2.0%
Profit YoY					–	–	–	–

Standalone figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	200	58	21	15	26	31
Net profit	103	14	-11	-9	6	9
EPS (₹)	2.97	0.40	-0.33	-0.27	0.17	0.26
Revenue growth		-71.1%	-62.9%	-27.8%	+66.7%	+102.0%
Profit growth		-86.5%	-181.0%	–	–	–
Dividend / share (₹)	–	–	–	–	–

Compounded growth	3 years	5 years	Last 12 months
Sales	-23.6%	-39.0%	+102.0%
Net profit	-24.8%	-43.1%	–
EPS	-24.8%	-45.0%	–
Share price	–	+2.6% (2y)	-18.5%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	6,763	6,752	6,743	6,749
Borrowings	–	0	0	0	0
Cash & equivalents	–	58	48	53	0
Total assets	–	6,780	6,770	6,759	6,764
Fixed assets	–	2	1	2	1
Capital work in progress	–	0	0	0	0
Inventory	–	0	0	0	0

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	86	-34	-8	-3	-13
Cash from investing	-85	36	9	4	13
Cash from financing	-1	-2	-1	-1	-1
Capex	0	0	0	1	0
Free cash flow	86	-34	-8	-4	-13

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	0.2%	-0.2%	-0.1%	0.1%

Shareholding

Holder	% (2026-09-30)
Promoters	1.25%
FIIs	48.62%
DIIs	43.70%
of which Mutual funds	35.49%
of which Insurance	6.52%
Public (non-institutions)	6.44%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	3.34%	1.74%	1.74%	1.71%	1.25%	1.25%	1.25%	1.25%

Promoter group	%
MAX Ventures Investment Holdings Private Limited	1.16%
Analjit Singh	0.03%
Piya Singh	0.03%
Tara Singh Vachani	0.03%
Veer Singh	0.00%
Sahil Vachani	0.00%
Veda Vachani	0.00%
Avya Vachani	0.00%
Analjit Singh (HUF)	0.00%
ABK Consultants Private Limited	0.00%
Anchor Management Services Private Limited	0.00%
Capricorn Health Services Private Limited	0.00%
Capricorn Hospitality Services Private Limited	0.00%
Devavani Lifestyle Private Limited	0.00%
Drugyel Estates Private Limited (Bhutan)	0.00%

Public holders above 1%	%
Mitsui Sumitomo Insurance Company Limited	21.86%
HDFC Mutual Fund - HDFC Nifty Large Midc AP 250 Index Fund	9.24%
Nippon Life India Trustee Ltd-a/c Nippon India Nifty 500 EQ Weight Index Fund	4.97%
DSP Nifty 500 Index Fund	4.30%
Smallcap World Fund, INC	3.00%
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Alpha Low-volatility 30 Index Fund	2.59%
SBI Life Insurance Co. Ltd	2.32%
Invesco India Small CAP Fund	2.01%
Principal Funds, INC. - Global Emerging Markets Fund	1.96%
HDFC Life Insurance Company Ltd -shareholders Solvency Margin ACC	1.85%
Aditya Birla SUN Life Mutual Fund - Apex Equity Ex-top 100 Long-short Fund	1.71%
Government Pension Fund Global	1.62%
ICICI Prudential BSE Insurance ETF	1.27%
Vanguard Total International Stock Index Fund	1.13%
Canara Robeco Mutual Fund A/C Canara ROB ECO Multi Asset Allocation Fund	1.12%

85,147 shareholders. Pledged: 43.71% of promoter shares.

Peers in Life Insurance

Company	Market cap	P/E	P/B	ROE	ROA	Gross NPA	Sales 3y	Div yield
MFSL	₹42,796 cr	4,769.6x	6.3x	0.1%	0.14%	–	-23.6%	–
CANHLIFE	–	–	–	–	–	–	–	–
HDFCLIFE	–	–	–	–	–	–	–	–
ICICILIFE	–	–	–	–	–	–	–	–
ICICIPRULI	–	–	–	–	–	–	–	–
LICI	–	–	–	–	–	–	–	–
SBILIFE	–	–	–	–	–	–	–	–

All 7 companies in Life Insurance →

Dividends & corporate actions

Ex-date	Action	Detail
2024-08-16	Other	Annual General Meeting
2023-08-14	Other	Annual General Meeting
2022-08-17	Other	Annual General Meeting
2021-09-15	Other	Annual General Meeting
2020-12-22	Other	Annual General Meeting
2019-09-16	Other	Annual General Meeting
2018-09-17	Other	Annual General Meeting
2017-09-18	Other	Annual General Meeting
2016-09-19	Dividend	Dividend - Rs 1.80 Per Share
2016-01-27	Restructuring	Scheme Of Arrangement
2015-11-19	Dividend	Interim Dividend - Rs 1.80/- Per Share
2015-09-15	Dividend	Annual General Meeting/ Dividend - Re 1/- Per Share
2014-11-25	Dividend	Interim Dividend - Rs 4/- Per Share
2014-09-12	Dividend	Annual General Meeting / Final Dividend - Rs 1.80/- Per Share
2013-11-21	Dividend	Interim Dividend - Rs 1.80/- Per Share
2013-09-10	Dividend	Annual General Meeting And Dividend Rs.2.20 Per Share
2012-11-22	Dividend	Interim Dividend Rs.10/- Per Share
2012-08-28	Other	Annual General Meeting
2011-09-16	Other	Annual General Meeting
2010-09-06	Other	Annual General Meeting

Documents

Links go to the original files on the exchange website.

About the company

Professional, Scientific and Technical: Management consultancy activities
Financial and Insurance services: Financial and insurance services
Real Estate: Real estate activities with own or leased property


Sector	Financial Services
Industry	Life Insurance
Sub-industry	Life Insurance
Symbol	MFSL
BSE code	500271
ISIN	INE180A01020
Face value	₹2.0
Incorporated	1988-02-24
Website	www.maxfinancialservices.com
Plants (India / abroad)	0 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.